Present some sort of model for the future course the coronavirus is expected to take. 180,000, overr 3000 people have died. I want to bring in our whatd you miss . Cohost romaine bostick. The s p had been rallying. What is the reason for the downward move today . Is it simply that there are no more places to hide . Romaine if you look at the higher,hat had moved defensive stocks, a lot of crowding. The worst quarter for the dow jones since 1987, the worst for the s p since 2008. Same thing for the nasdaq composite. The nasdaq 100 held up a little bit better. We are down about 14 on the nasdaq 100 for the quarter that just ended today, about 6 other than the s p and about 9 better than the dow. Over the course of the quarter, you had names like netflix and tesla rally more than 20 . Some of those large cap Genetic Sciences companies, those moving higher as well as gilead sciences. The in mind, a big reason nasdaq was down, we talk about this being a tech index but it has nontech names including several airlines, Hotel Companies like marriott. This rally we had over the previous five or six days, a lot of that was chalked up to a little bit of dip buying of a little bit of rebalancing. Now, the Portfolio Managers have sort of figured out where their value will be. Does the buying and selling these big swings through the much of march, that will probably level off a little bit as well. Comparedlk about amtek to talk about how tech compared to different sectors. What about infrastructure, what about energy, industrial . Romaine energy and financials were the two big laggards. Energy got hit not only by the covid19 concerns but in the middle of that, you had the big price war between saudi arabia and russia. Nymex crude in new york down below 20 a barrel, the first time we have seen that in years. On the flipside, the financials were of course it by the Interest Rate issues. A treasury market, insanely volatile. The treasury at one point oneped down to 0. 3 at point. We dont see that kind of volatility in the treasury markets. That is supposed to be a safe asset. Seeking out Companies Paying dividends, companies with good balance sheets, and companies that could benefit from some of the structural shift. That meant streaming services did netflix, companies that software as services and work services. Type emily thanks for giving us a deep dive. I want to bring in jeff taylor, the cofounder and managing director at digital risk. You have a really interesting view on the Broad Strokes of giving yourfacing management of given your management of risk in the housing business. When it comes to mortgages, what does it look like to you in terms of how badly this pandemic will impact homebuyers and homeowners, and the overall economy . Jeff thank you for having me. We look at the stimulus bill that just passed, it did a couple of good things for homeowners and renters. Togave them the framework make their way through the uncharted period of time. A homeowner can have up to six months of deferment and they could start making the payments down the road. As far as the impact on is still unfolding. We were asked how much repurchase volume we could do on behalf of of our lenders. While the refinancing and purchase market is still abundant, it is whatever going to do for forbearance or modification. It has completely changed in the last 30 days. Until i think we see the end of the virus and start to see an upswing, there will be a tremendous amount of uncertainty in the Housing Market financing area. Emily what is your biggest advice to consumers in terms of how they navigate it. His financing or refinancing a nobrainer . Jeff right now, if you are looking to refinance your house, it would be a good time. To take some equity out, may be put it on the sidelines, that might help you for your life events. But are probably still 90 and 120 days out for getting the best rate. Some of the rates in the mortgage industry are still higher right because all the uncertainty. Theyare thinking, if could miss their payment and go on a sixmonth deferral program. That is why rates are kept in little bit higher than 90 or 120 days down the road when we potentially come out the backside of the challenge. If youre a firsttime homebuyer , you feel really good about your job, you will be at historically low Interest Rates. And getity to come in more for your money is going to be an opportunity, on a casebycase, individual basis. What are you looking at in terms of the longterm impact this is going to have on the Housing Market . What is the Housing Market going to look like in the fall . Jeff in the fall, i would say you will historically low Interest Rates, and i would say we are going to be coming out of uncertainty, home equity lines of credit. People will be possibly looking for that equity in their house. From a purchase perspective, i think you will see a buying season shift. Purchases are down from where they were a month ago. People are uncertain about buying a house. In the fall, i think you will see people now really focused on kissing that house. They might have been thinking seriously about 45 days ago but the uncertainty is putting them on the sidelines. Not to mention being able to get them. In to help emily as you said, the situation is still unfolding, so much that we dont know. Jeff taylor and romaine bostick, thank you both. Coming up, we will be talking about workers across the country. Gig workers seeking protection. From Amazon Warehouse workers to instacart delivery folks, we will talk about the situation they are facing. Also, we are waiting for the Daily White House press conference to start. This is bloomberg. The company dropped the ball on this one. They are not treating their people right. I had to take action. Unfortunately, taking action cost me my job. They just called me and terminated me. I felt like i was a target. It is ok, i will still be the voice of the people. I will still continue to fight for those people within that building. Emily that was chris smalls, a former amazon fulfillment worker, who told us yesterday on the show that amazon fired him after he came in to work and helped organize a protest about how amazon is treating its workers. Amazon told us smalls was terminated because he violated some of the safety protocols. Certainly some irony there. Across the country, you have gig workers and other employees not happy with how they are being treated, how they are being paid. Me right now, shopper of the gig workers collective, a group that represents the interests of gig workers nationwide. Thank you for joining us. Instacart workers have been staging protests across the country today. I wonder if you can paint the picture for us in terms of a day in the life for you and if you feel the conditions you work in our say for you as a worker in work in our safe for you as a worker and the customers . Heidi thank you for giving us a voice. Our walkoff started yesterday. I felt like we got some really good support, feedback, and participation. We are out there buying groceries for everyone. Andle are staying home staying safe. We want to do that. Refusedt has repeatedly to meet any request for testing, for ppe, for hazard pay. We are on the front lines and we are doing this and what they want to pay is pennies. They are counting on the fact that we are broken desperate we dont have savings accounts. We are all one week away. Granted, many cities have put restrictions on evictions, utility cutoffs, that just means you cant do it right now. We still have to pay these bills at some point so we still have to make this money. We go into stores where people are afraid to go into. It is different from picking up a food delivery where all you have to do is pick up food that has been left on a counter. We have to pick up items that other people have touching, put them into bags, and interact with other people shopping. There is a lot of danger out there. We need the protections that are not being offered and truthfully we need to get paid better. Emily i can say, as somebody who has been a beneficiary of instacart services, i know there are so many people out there who are so grateful for what you are doing on the front lines. We did speak to instacart and they gave us a statement saying, the health and safety of our community including our customers and employees is a top priority. New sickleave policies, new safety supplies, and paid for those impacted by covid19. I know one of the issues, you want increased pay. Ifkers also want to be paid they choose not to go to work, even if they are not sick, but they are fearful. Why isnt what instacart says they are doing enough for you . Heidi the truth is, those are empty words. They are not doing any of that. They have not provided us with any product, any compensation. They are not doing one single andg to help keep us safe thus keeping customers safe. They are not doing one single thing. It is all pr. Emily so they are not giving you gloves, masks, Hand Sanitizer . Heidi nope. We have not gotten single thing from them. We have got the promise that they are going to do it. Right now, when we try to order from them, they are telling us it would be here until mid april. They should have been ahead of this. Emily brad stone of bloomberg obviously, there is a lot of emotion here and heidi is one of so many workers across the country out there keeping things moving on the front lines, whether it is instacart, folks in the Amazon Warehouses. Areers at whole foods staging a sickout today. Give us a broad picture of the collective action we are seeing across the country. Reiterate a to point that you made and heidi made. At the instacart workers really are heroes. They are doing deliveries particularly for elderly or the infirm. Widespreadare seeing , small but meaningful collective action at these companies. They are understandably small. As heidi pointed out, we are in a realm where there are not a lot of options for these workers. Sticking your neck out can be risky, as we saw with chris smalls yesterday. These are geographically distributed workforces. But i do think they are meaningful. We are seeing Companies Like amazon, like instacart, say that they are listening. Andon expanded its paid sick leave policy. Instacart i am sure is listening. I am i think it is hard to argue that the number of actions are picking up. We saw something similar with mcdonalds workers today. These workers, at a hazardous time, are asking for more protection and those requests are very reasonable. Emily heidi, what are your plans if they dont give you these protections . Will you continue to work . Heidi right now, i am participating 100 in the strike. I am not going back until we get what we are asking for, which is so minimal right now. I want to respond to something that was said. Instacart isnt listening. They are not listening. They never listened to us. They give a lot of lip service and like to pretend, because we make them look bad. They are not listening. We just had two confirmed cases of instacart instore shoppers of covid19. Yesterday, while they were busy trying to tell the public that are strike at zero effect on our business, they were also sending out messages to instore shoppers that they had been working sidebyside with someone who had tested positive. They are doing nothing. To try and give any of these companies any sort of accolades at all is disingenuous and is unfair to those of us putting our lives literally on the line. Granted, we are just grocery shoppers. We are not heroes. Telling my landlord, someone called me a hero, will you take that instead of rent . , it doesnt work. Nobody buys it. We areice to hear but trying to feed our families, keep ourselves safe, and keep customers safe at home. It is better for one to shop for to shop for many one. That keeps our communities safe. But actual accolades protection and money, because that is what works in this world. Emily heidi, i certainly appreciate you sharing your perspective. Brad, the lack of equipment is one thing. It somehow baffles me that a company as big as amazon could not have been prepared with the supplies they need for their workers. Why cant a company like instacart or amazon pay these workers more . Brad i think they are kind of caught between supply chain issues and regrettably, Business Model issues. Supply chain issues, the lack of masks, the lack of personal protective equipment. How akind of Incredible Company like amazon was not prepared. As jeff bezos said in the memo to employees, they were having has already time as some governments with getting equipment. On the Business Model side, what we are seeing or have seen from the beginning with instacart, these companies with vast workforces of contract employees, they have tried to limit their exposure to hiring those workers as fulltime or parttime employees. At least at the beginning, it mightve been viewed as adding to their exposure to those issues. Butty does take precedent, it mightve caused a company like instacart to miss a step when it comes to protecting their workers from the kind of dangers heidi is talking about. Brad, thank you so much. Heidi, i know you dont want to be called a hero but i do want to say, thank you for the work you are doing. Carrico, instacart shopper. Thank you. We will continue to cover these issues as they pop up across the country. Coming up, we will take you to washington as soon as that press conference is ready to begin. Emily welcome back to bloomberg technology. We are waiting for this press conference at the white house to get underway. Any minute now, we are expecting President Trump to take the podium as the u. S. Surpasses 180,000 cases of the coronavirus and more than 3000 deaths. Down day for the markets today. The dow ending the quarter at the lowest level since 1987. We are going to continue with all the headlines once we have them. This White House Press conference expected to start any minute. This is bloomberg. Emily welcome back to bloomberg technology. We will take you to the white house momentarily. That press conference scheduled to start at any moment now. President trump is walking out to the podium now. Him to giveting some sort of sense of the models he has been looking at to predict the future course of the coronavirus. Lets listen in. Pres. Trump unlike any we have ever faced before. War with a deadly virus. Success in this fight will require the full, absolute measure of our collective strength, love and devotion. Very important. Throughus has the power our own choices and actions to save american lives and rescue the most vulnerable among us. Thats why we really have to do what we all know is right. Every citizen is being called upon to make sacrifices. Every business is being asked to fulfill its patriotic duty. Every community is making fundamental changes to how we live, work, and interact. Each and every day. I would not be surprised to see this going on long into the future when this virus is gone and defeated. Some of the things we are doing now will be very Good Practice for the future, including for not getting the flu which is very devastating also. Some of what we are learning now will live on into the future, i really believe that. Shaking hands or not shaking hands. Washing hands all the time. 15 days ago, we published our nationwide guidelines to slow the spread of the virus. On sunday, i announced this campaign will be extended until april 30. In a few moments, dr. Birx will explain the data that formed the basis for our decision to extend the guidelines and dr. Fauci will explain why it is absolutely critical for the American People to follow the guidelines for the next 30 days. It is a matter of life and death, frankly. Its a matter of life and death. I know our citizens will rise to the occasion. They already have sacrificed a lot. We have the greatest economy in the history of our country, the greatest economy in the world. We have the best unemployment numbers and employment numbers weve ever had, by far. We in one instance, we said have no choice but to close it up. Just as americans have always done, they will do a job like few have seen before and they are proud to do it. I see it. There is great pride going on right now. Before we hear from our experts, we have a few other announcements. Today, the Treasury Department and Small Business administration announced further details on the paycheck protection program, which was made possible by the 2 trillion relief bill i signed into law last week. Billion in loans will soon be available through Lending Partners to help Small Businesses meet payroll and other expenses for up to two months. These loans will be forgiven as long as businesses keep paying their workers. This includes sole proprietors and independent contractors. Applications will be accepted starting this friday, april 3. On friday, april 3, that is when it begins. Earlier today, i spoke with leading internet and phone providers who are doing a tremendous job of keeping our ofernet and Lines Communication flowing under very strongly increased the business is more than anything has seen before. Everyones inside. We are all making calls. Among the leaders i spoke to were hans vesburg of verizon committee occasions, Thomas Rutledge of charter communications, Brian Roberts of comcast, john malone of liberty goy. , Dexter Michael cones of sprint. Esser of coxt communications and jeffrey story of centurylink. They are doing an incredible job. If you look at other continents, you look at europe, they went a different route than we did. Much different route. We were talking about that a little while ago. They are having tremendous problems. Other countries are having problems. Other continents are having problems. But, with business at a level no one has seen it before, on the internet, its holding up incredibly well and they expect that to continue to matter what happens. No matter how much more gains. If it can gain any more than it already is, i dont know because they are setting records. Let me update you on the distribution of the ne